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8 Common Mistakes Parents Make With Children Regarding Money

  1. Not talking to kids about money $
    • Money beliefs and habits start young
    • The sooner you instill good money habits, the less it will cost you in the long run
  2. Talking negatively about money
    • Creates a fear of money
    • Gives them possibilities not limitations
  3. Giving kids money for no reason
    • Need to understand that money is earned
    • Distinguish between need and want
  4. Paycheck to paycheck syndrome
    • Create habit of dividing your money before you spend (save, invest, donate, and spend
  5. Not starting a savings account early
    • Teach children not to spend more than they make
  6. Creating lifestyles kids cannot afford
    • Many children have missed learning how to want for things, earn things, and overcome obstacles
    • Bommerang effect - grown children moving back in
    • Turn to credit cards to fund lifestyle
    • What do they look forward to
    • Children perceive immediate gratification as the norm
  7. Not teaching a work ethic
    • Work in not an inherited trait
  8. Not teaching kids the power of investing and compound interest
    • Like an apple seed which grows into a tree and bears many fruits
    • Calculator on line www.moneychip.com